HomeMy WebLinkAboutMINUTES - 03202001 - C.129 BOARD OF SUPERVISORS C o nfea
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FROM: Dennis M. Barry, AICP ••
;'In Development Director s Costa
DATE: March 20, 2001 `°STA COUK County
SUBJECT: Average Area Purchase Price for the Oakland PMSA
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE and AUTHORIZE an updated increase in the average area purchase price figures
for the Oakland PMSA for use in the Mortgage Revenue Bond and/or Mortgage Credit
Certificate programs in Contra Costa County.
FISCAL IMPACT:
No General.Funds are involved. Any costs incurred will be recovered from program fees.
BACKGROUND:
According to the Internal Revenue Service, the term "average area purchase price" means the
average purchase price of single-family residences. The average area purchase price limits
are used as the maximum allowable purchase price limits for the Mortgage Credit Certificate
program, using a formula of 90% of the average area purchase price for non-target areas and
110% of average area purchase price for target areas.
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CONTINUED ON ATTACHMENT: XX YES SIGNATURE:
r ER COMMENDATION OF COUNTY ADMINISTRATOR RECOMMEN IN OF BOARD OMMITTEE
APPROVE OTHER
I
SIGNATURE(S): -
----------------------------- - - ------- ------------- ---- -- ----------------------------------------------------------------------------------------------
ACTION OF BOA o March 20, 2001 APPROVE AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
X UNANIMOUS(ABSENT ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
SHOWN.
AYES: NOES:
ABSENT: ABSTAIN:
ATTESTED March 20, 2001
CONTACT: Jim Kennedy 335-1255 JOHN SWEETEN,CLERK OF THE
CC: County Administrator BOARD OF SUPERVISPORS AND
County Counsel COUNTY D NISTRATOR
County Auditor
Community Development
Redevelopment Agency BY J DEPUTY
J K:Ihb/012001-mccpurchprice.bos
The average area purchase price limits were last updated in the early 1990s. Using
residential sales transaction data from sales occurring during the twelve months of 2000, the
updated average area purchase price limits are:
New Construction: $449,196
Existing Housing: $337,051
Utilizing these figures and established methodology, the updated purchase price limits will be
set as follows:
Non-Target Areas Target Areas
New Construction: $404,277 $494,116
Existing Units: $303,346 $370,757